PerkStreet Financial

photo credit: Magpie372

Warm-Up:

Have you built up that emergency fund? Having a baby puts things like that into perspective. “People know they should do this, but often don’t,” says certified financial planner Mary Deshong-Kinkelaar of Chicago-based Kinkelaar & Associates, which offers financial life planning services and advice. Also stock up on toiletries and pantry items when you see good sales. Emergency purchases can blow your post-baby budget.

Cardio:

If you aren’t already banking online, you should start. Deshong-Kinkelaar recommends setting up email alerts to be notified of certain transaction values. Request a daily activity log, sent to your in-box, to help monitor and take control of your finances. Mint has great and free online tools to help you do this.

Decide how you’ll pay bills online: from your bank site, via vendor sites, or through automatic payments (only for people with “a really good handle” on cash flow, she says). Use email alerts through a calendar program like Outlook to help with budget and keep you on schedule.

Finally, build clutter-clearing endurance now and avoid losing your baby in paperwork piles. Sort mail as soon as it arrives – “needs action,” “save,” or “read.” Toss what remains.

Strength Training:

New-to-you shopping options online for baby are tempting. To avoid mail overload (and subsequent temptation!), do not provide your contact information. “You can end up on lists you never knew existed,” cautions Deshong-Kinkelaar. Opt out of mailers as you make purchases. To get off multiple lists at once, visit www.catalogchoice.org.

Stretch:

Every body – and financial situation – is different. Regularly discuss what’s on your “money radar” with your spouse, Deshong-Kinkelaar advises. And in between ob-gyn appointments, schedule time with a “financial doctor.” Planners can assist with the big-picture (e.g., college savings, taxes) and day-to-day cash flow to help your budget. “A few dollars misspent here and an overdraft there can add up,” reminds Deshong-Kinkelaar. “If you don’t take care of your money, it won’t last long enough to take care of you” – or your growing family.